- David and Andrea Ritchie are selling eight buildings in Clyde’s heritage precinct for over $15.5m.
- The couple restored the run-down properties, including the iconic Olivers Restaurant and The Lord Clyde hotel.
- The precinct, featuring historic buildings and a boutique hotel, attracts both locals and tourists.
An Auckland couple who saved a South Island landmark from the scrapheap are now selling up and inviting offers over $15.5 million for the buildings that make up more than half of Clyde’s heritage precinct.
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David and Andrea Ritchie transformed the run-down properties in the Central Otago town and revived the iconic Olivers restaurant that had once been home to famed chef Fleur Sullivan.
The couple were ready for a change when they spotted the historic buildings for sale in 2010. “We were down here and drove through Clyde – probably our first time in Clyde or first time for many years – and saw it and had a wander around and thought that looks interesting,” David told OneRoof.
The stone buildings, built during the region’s gold rush era, had changed hands six times in 13 years and had become an eyesore in the middle of the town. “All the buildings were pretty much derelict, unused, empty,” David said.
The couple’s friends and family thought they were mad. It was a big project, and others had tried and failed before. “I’m sure a lot of the community just looked and said, ‘Oh, here’s another couple coming down from Auckland. Let’s just sit back and watch and see what happens and if they’ll go the way of others,” David said.
Andrea and David Ritchie have spent 16 years restoring the old buildings and creating the Olivers business precinct. Photo / Supplied
The lodge, which is the original Naylor homestead, is one of several accommodation options available to guests. Photo / Supplied
“No one ever said that quite so explicitly to us that I recall, but certainly you know I think there was a little bit of doubt about another couple of Aucklanders coming down to tell us how to do it. So, you know, we just got on and did our own thing.”
The old house, barns, stables and store needed a lot of work and significant investment before they were fit for purpose. The best way to tackle the task ahead of them, David said, was to do it in “bite-sized chunks”.
The couple started with the lodge and the two stable buildings, which they turned into Olivers Lodge and Stables, a boutique hotel with 11 ensuite rooms. They then turned the two large barns behind the hotel into a four-bedroom home for themselves. Finally, they set up Olivers Restaurant & Bar in the town’s original general store, opening to diners in early 2015.
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More than a decade and a half later, the “Olivers” precinct, which includes the lodge and restaurant as well as The Merchant Cafe and Deli and The Victoria Store Brewery, has established a large and devoted following. Locals and tourists alike love being able to soak in the atmosphere of some of the area’s oldest buildings, the couple said.
“A lot of people who walk through the doors, they feel like they’re coming to a completely different world. Some will say ‘Oh my God, I feel like I’m in France’. Others might say Italy or some even say South Africa or Tasmania,” Andrea said.
“They make connections with other places they’ve been throughout the world, which is really extraordinary, but it gives them a huge buzz to find something in the middle of a tiny little town in New Zealand that reminds them of you know all these really, really special places.”
In 2019, the couple expanded the business by buying part of a neighbouring hotel in partnership with Andrea’s sister, Victoria.
Olivers Restaurant opened in 2015 and operates from the town’s former general store, which is the oldest of the eight buildings. Photo / Supplied
The Victoria Store Brewery sits within Olivers Restaurant and brews its own small batch craft beer. Photo / Supplied
The Merchant of Clyde is a cafe and deli that sits in the same heritage block. Photo / Supplied
The two-storey building, which was built in 1903, has been upgraded, renamed The Lord Clyde and provides another nine ensuite bedrooms for guests.
The couple said they preferred to sell the Olivers precinct and The Lord Clyde together, but David said they wouldn’t rule out selling them separately if that’s what the market wanted.
“Part of the reason we took on The Lord Clyde is we think it is such a good link into what we do at Olivers.”
David said Olivers Lodge and Stables and The Lord Clyde would soon be the only multi-room accommodation options left in the centre of town.
The couple said they had achieved everything they had set out to do and were proud the buildings would remain a prominent part of the town for years to come, while also being a space the public could enjoy.
The Victoria Store (now home to Olivers Restaurant) was built by Benjamin Naylor in 1869 and is one of the oldest buildings in Central Otago. Photo / Clyde Museum
However, they were now nearing their 70s and were ready to pass the business onto someone else. “You can’t just keep on doing these things forever. We’ve got to think about next steps,” David said.
Tourism Properties principal Adrian Chisolm said the Olivers name was iconic, dating back the late 1970s when Sullivan first set up her restaurant. It was almost as well known as The Cardrona Hotel, which was sold last year for an undisclosed price last year.
“For tourists who travel to Central Otago it’s definitely on their bucket list. I suppose the only difference is that Cardrona [Hotel] was used in the Speights ads – that’s what put it on the map.”
He added: “David and Andrea came along in 2010 and have spent 16 years of absolute sweat, blood and tears to build the hospitality precinct it is today.
“Honestly, you couldn’t replicate the Olivers precinct because it involves all these category 1 historic buildings that have been strengthened and faithfully restored.”
Chisolm expected the unique offering would attract both international and local interest from savvy operators looking to tap into a growth market. “This is an iconic turnkey hospitality opportunity that will be a trophy investment for a very fortunate and lucky buyer,” he said.
“The last time I had a major transaction [Fiordland Lodge in Lake Te Anau, which sold for over $15m] we had buyers from all parts of the globe, and it ended up in a multi-offer with people from Singapore, Australia, New Zealand and America.”
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